China Passenger Car Association: In September, retail, export, wholesale, and production of passenger car manufacturers all reached historical highs for the month

According to the Zhitong Finance APP, on October 13, the Passenger Car Association released an analysis of the national passenger car market for September 2025. Characteristics of the passenger car market in September 2025: Retail, export, wholesale, and production of passenger car manufacturers all reached historical highs for the month, with new energy exports hitting a historical high for all months; from January to August 2025, domestic retail of passenger cars achieved a cumulative positive growth of 9.5%, while the cumulative growth rate from January to September fell to 9.2%, with a month-on-month decline in the annual cumulative growth rate from July to September. This year, the "front low, middle high, and back flat" trend in the car market has begun to take shape; the intuitive price war this year has been somewhat mild, but various hidden discount measures such as annual model upgrades, adjustments to owner rights, and the overlapping of the "two new" policies with additional support from manufacturers have emerged one after another, with new energy promotions slightly increasing by 10.2% month-on-month in September.

In September, the pure electric market (wholesale) saw a year-on-year growth rate of 32.4%, plug-in hybrids grew by 8.4%, and range extenders increased by 8.7%. The structural ratio of pure electric and range extenders among new forces changed from last year's 50%:50% to 70%:30%; state-owned large groups' independent brands showed strong growth, with the five major state-owned groups—SAIC, Dongfeng, Changan, Chery, and BAIC—seeing a combined year-on-year growth of 25% in September for their independent brands, including strong growth for Deep Blue, Voyah, and ZEEKR; the domestic retail penetration rate of new energy vehicles rose to 57.8% in September, showing stable growth supported by scrapping and replacement updates, as well as the exemption of purchase tax for new energy vehicles; from January to September 2025, exports of independent fuel passenger cars reached 2.08 million, a decrease of 9%, while exports of independent new energy vehicles reached 1.32 million, an increase of 125%, with new energy accounting for 38.9% of independent exports.

Retail: In September, the national passenger car market retail reached 2.241 million units, a year-on-year increase of 6.3% and a month-on-month increase of 11.0%. Cumulative retail since the beginning of the year reached 17.005 million units, a year-on-year increase of 9.2%. The cumulative growth rate of domestic car market retail has continuously risen from 1.2% in January-February to 11% in January-June, while the growth rate from July to September hovered around 6%, showing a deceleration characteristic due to a high base, consistent with the early-year judgment of the "front low, middle high, and back flat" trend. Retail sales in September reached a new high, exceeding the historical peak of 2.19 million units in September 2017 by 50,000 units, demonstrating strong growth characteristics before the year-end policy withdrawal The wave against involution is driving the automotive market towards a direction of "price reduction and moderate promotions," resulting in increasingly stable market operations. According to statistics based on the rules of price reductions announced by car companies or substantial breakthroughs in new car prices compared to the lowest guidance prices in the past two years: in September this year, 23 models had price reductions (compared to 36 models in the same period last year and 11 models in the same period of 2023), and the current market remains relatively stable. In September 2025, the promotional intensity for new energy vehicles maintained at a medium-high level of 10.2%, an increase of 2.6 percentage points compared to the same period, and a slight increase of 0.7 percentage points compared to the previous month. In September 2025, the promotional intensity for traditional fuel vehicles was 23.9%, an increase of 1 percentage point compared to the previous month and an increase of 1.9 percentage points compared to the same period.

In the face of increasing external shocks and overlapping internal challenges, strong counterbalancing measures supported the economy and the automotive market in the first three quarters. As the differentiated policies for trade-in subsidies in various provinces became apparent, the growth rates of sales varied by region, with some areas experiencing a year-on-year sales increase of over 11% in August, while regions like Beijing and Tianjin saw declines of over 10%. However, the regional growth rate differentiation improved in September.

In September, retail sales of domestic brands reached 1.5 million units, a year-on-year increase of 13% and a month-on-month increase of 12.9%. The domestic retail market share of domestic brands was 66.9% for the month, an increase of 3.6 percentage points year-on-year. From January to September, the retail market share of domestic brands was 64.8%, an increase of 5.9 percentage points compared to the same period last year, with domestic brands gaining significant increments in the new energy market and export market. Leading traditional automakers performed excellently in their transformation and upgrading, with brands like Geely Auto, Changan Automobile, and Great Wall Motors showing significant increases in market share.

In September, mainstream joint venture brands had retail sales of 490,000 units, a year-on-year decrease of 6% and a month-on-month increase of 4%. In September, the retail market share of German brands was 14.3%, a year-on-year decrease of 2.3 percentage points, while Japanese brands had a retail market share of 11.6%, a year-on-year decrease of 1.1 percentage points. SAIC-GM saw a year-on-year increase of 48%, with the retail market share of American brands at 5.8%, a year-on-year increase of 0.1 percentage points. The retail shares of Korean and other Western European brands saw slight declines. In September, luxury car retail sales reached 240,000 units, a year-on-year decrease of 1% and a month-on-month increase of 16%.

In September, the retail market share of luxury brands was 10.8%, a year-on-year decrease of 0.8 percentage points, indicating that the traditional luxury car market faces greater pressure than joint ventures.

Exports: According to data from the Passenger Car Association, in September, passenger car exports (including complete vehicles and CKD) reached 528,000 units, a year-on-year increase of 20.7% and a month-on-month increase of 5.7%. From January to September, passenger car manufacturers exported 3.999 million units, a year-on-year increase of 12.5%. In September, new energy vehicles accounted for 40.1% of total exports, an increase of 15 percentage points compared to the same period. In September, exports of domestic brands reached 463,000 units, a year-on-year increase of 27% and a month-on-month increase of 8%; joint venture and luxury brand exports were 65,000 units, a year-on-year decrease of 10.8%.

Production: In September, passenger car production reached 2.838 million units, a year-on-year increase of 17.2% and a month-on-month increase of 15.7%. From January to September, passenger car production totaled 20.78 million units, with a cumulative year-on-year growth of 13.9%. In September, passenger car production was 400,000 units higher than the historical peak of 2.44 million units in September 2023, showing a stable production trend. In September, luxury brand production increased by 7% year-on-year and 6% month-on-month; joint venture brand production increased by 11% year-on-year and 23% month-on-month The production of independent brands increased by 21% year-on-year and 15% month-on-month.

Wholesale: In September, the national wholesale of passenger cars reached 2.803 million units, setting a historical high for the month, with a year-on-year increase of 12.4% and a month-on-month increase of 13.0%; from January to September, the national wholesale of passenger cars totaled 20.845 million units, a year-on-year increase of 13.1%. Affected by retail adjustments, the year-on-year growth rate of passenger car wholesale in September was 6 percentage points higher than that of retail. In September, independent car manufacturers wholesaled 1.975 million units, a year-on-year increase of 18% and a month-on-month increase of 14%. Mainstream joint venture car manufacturers wholesaled 539,000 units, a year-on-year increase of 0.1% and a month-on-month increase of 10%. Luxury car wholesale reached 289,000 units, a year-on-year increase of 4% and a month-on-month increase of 11%.

The overall wholesale pattern of major passenger car manufacturers continued to change in September, with some intermediate enterprises showing signs of gradual rise. SAIC-GM-Wuling, SAIC Motor, GAC Honda, and GAC Trumpchi showed strong month-on-month performance. Compared to August, there were 7 passenger car manufacturers with sales exceeding 100,000 units in September (6 in August, 5 in the same period last year), accounting for 53% of the overall market share (50% last month, 45% in the same period last year). The share of passenger car manufacturers with wholesale volumes of 50,000 to 100,000 units accounted for 21% (23% last month, 27% in the same period last year), while those with wholesale volumes of 10,000 to 50,000 units accounted for 21% (25% last month, 24% in the same period last year).

Inventory: Due to the relatively stable production situation of manufacturers in September, the wholesale volume was 36,000 units lower than production, while the monthly domestic wholesale was 34,000 units higher than retail. The overall industry inventory of passenger car manufacturers increased by 70,000 units in September (a decrease of 120,000 units in the same period last year). In September this year, car manufacturers actively increased inventory, while last year saw a decrease in inventory driven by retail. From January to September this year, the overall industry inventory decreased by 230,000 units (a decrease of 910,000 units from January to September last year, a decrease of 130,000 units in 2023, and an increase of 420,000 units in 2022).

New Energy:

In September, the production of new energy passenger cars reached 1.501 million units, a year-on-year increase of 22.9% and a month-on-month increase of 17.5%; from January to September, the cumulative production was 10.376 million units, an increase of 32.2%.

In September, the wholesale sales of new energy passenger cars reached 1.500 million units, a year-on-year increase of 22.4% and a month-on-month increase of 15.9%; from January to September, the cumulative wholesale was 10.444 million units, an increase of 31.9%.

In September, the retail of new energy passenger cars reached 1.296 million units, a year-on-year increase of 15.5% and a month-on-month increase of 16.2%; from January to September, the cumulative retail was 8.866 million units, an increase of 24.4%. In September, new energy passenger car manufacturers exported 211,000 units, a year-on-year increase of 96.5% and a month-on-month increase of 3.9%; from January to September, the cumulative export was 1.627 million units, an increase of 67.5%.

1) Wholesale: In September, the wholesale penetration rate of new energy vehicle manufacturers reached 53.5%, an increase of 4.4 percentage points compared to September 2024. In September, the penetration rate of domestic brand new energy vehicles was 68.3%; the penetration rate of new energy vehicles among luxury cars was 40%; while the penetration rate of new energy vehicles among mainstream joint venture brands was only 6.6%.

In September, the wholesale sales of pure electric vehicles reached 947,000 units, a year-on-year increase of 32.4% and a month-on-month increase of 16.2%; the sales of narrow-sense plug-in hybrids reached 424,000 units, a year-on-year increase of 8.4% and a month-on-month increase of 13.1%; the wholesale of range-extended vehicles was 129,000 units, a year-on-year increase of 8.7% and a month-on-month increase of 24.1%. In the wholesale structure of new energy vehicles in September: pure electric accounted for 63% (year-on-year +4.7%, month-on-month +0.1%), narrow-sense plug-in hybrids accounted for 28% (year-on-year -3.9%, month-on-month -0.7%), and range-extended vehicles accounted for 9% (year-on-year -0.9%, month-on-month +0.6%). In the wholesale structure of new energy vehicles from January to September 2025: pure electric accounted for 62% (year-on-year +3.8%), narrow-sense plug-in hybrids accounted for 29% (year-on-year -3.0%), and range-extended vehicles accounted for 9% (year-on-year -0.8%).

In September, the wholesale of B-class electric vehicles reached 287,000 units, a year-on-year increase of 21% and a month-on-month increase of 10%, accounting for 30% of the pure electric share, a decrease of 2.9 percentage points compared to the same period last year. The A00+A0 class economy electric vehicle market in the pure electric market performed well, with A00 class wholesale sales of 157,000 units, a year-on-year increase of 16% and a month-on-month increase of 27%, accounting for 17% of pure electric, a decrease of 2.4 percentage points compared to the same period last year; A0 class wholesale sales reached 230,000 units, accounting for 24% of pure electric, a year-on-year increase of 0.6 percentage points; A-class electric vehicles reached 235,000 units, accounting for 25% of pure electric, a year-on-year increase of 3.9 percentage points; the growth of economy electric vehicles is sustainable, and only the popularization of economy electric vehicles can truly drive the incremental growth of the auto market.

In September, there were 25 models with wholesale sales exceeding 20,000 units (22 models last month), including Model Y (59,907 units), Hongguang MINI (54,498 units), Geely Xingyuan (50,203 units), BYD Song (42,178 units), BYD Qin (41,057 units), Boyue (35,231 units), Seagull (34,586 units), Seal 06 (32,872 units), Sylphy (32,143 units), Yuan UP (31,775 units), Model 3 (30,905 units), Sea Lion 06 (30,901 units), Chirey Tiggo 7 (27,093 units), Qin L (26,520 units), Chirey Tiggo 5X (25,545 units), Chirey Tiggo 8 (24,152 units), Sagitar (23,524 units), Bin Yue (23,275 units), Lavida (23,113 units), Xiaomi YU7 (22,369 units), RAV4 (21,933 units), Dolphin (21,888 units), Camry (21,704 units), Tiguan (21,540 units), and Haval Big Dog (20,530 units) Among them, there are 13 new energy vehicle models, with recent fuel vehicle models such as Boyue, Chery Tiggo 5X, Bin Yue, and RAV4 performing strongly in the domestic market.

2) Retail: In September, the retail penetration rate of new energy vehicles in the overall domestic passenger car market was 57.8%, an increase of 5 percentage points compared to the same period last year. In September's domestic retail, the penetration rate of new energy vehicles among independent brands was 78.1%; the penetration rate among luxury vehicles was 34.5%; while the penetration rate among mainstream joint venture brands was only 7.4%. Looking at the monthly retail share of new energy vehicles in the domestic market, in September, the retail share of new energy vehicles from independent brands was 70.1%, a year-on-year decrease of 2.3 percentage points; the share of new energy vehicles from mainstream joint venture brands was 3.2%, a year-on-year decrease of 0.2 percentage points; the share of new forces was 20.2%, with brands like XPeng, Leapmotor, and Xiaomi driving a year-on-year increase of 3.3 percentage points; Tesla's share was 5.5%, a year-on-year decrease of 0.9 percentage points.

3) Exports: In September, the export of new energy passenger vehicles reached 211,000 units, a year-on-year increase of 96.5% and a month-on-month increase of 3.9%. This accounted for 40.1% of passenger car exports, an increase of 15.4 percentage points compared to the same period last year; among them, pure electric vehicles accounted for 66% of new energy exports (compared to 83% in the same period last year), with the core focus being A00+A0 level pure electric vehicles, which accounted for 46% of pure electric exports (compared to 38% in the same period last year). With the scale advantages of Chinese new energy vehicles becoming apparent and the demand for market expansion, more and more new energy brand products made in China are going abroad, with increasing recognition overseas. Among them, plug-in hybrids accounted for 31% of new energy exports (compared to 17% in the same period last year). Although recently affected by some external countries, the export of independent plug-in hybrids to developing countries is growing rapidly, with a bright outlook. In September, the outstanding companies in new energy exports were: BYD (69,258 units), Chery Automobile (31,392 units), Tesla China (19,287 units), SAIC Passenger Cars (16,302 units), Geely Auto (14,631 units), Changan Automobile (9,889 units), SAIC-GM-Wuling (7,292 units), Leapmotor (6,888 units), Volvo Asia Pacific (5,165 units), XPeng (5,004 units), Lightyear (4,656 units), Great Wall Motors (3,635 units), Dongfeng Motor (3,577 units), Polestar (2,495 units), Zhima Da Automobile (2,103 units), GAC Aion (2,037 units), Beijing Automotive Manufacturing Plant (1,452 units), IM Motors (1,001 units), FAW Hongqi (843 units), JAC (790 units), Lingtu Automobile (638 units), GAC Trumpchi (544 units), Dongfeng Honda (538 units), and Jiangsu Yueda Kia (510 units). Other automakers also have a certain scale of new energy exports. In terms of overseas system construction, some independent brands have a high proportion of CKD exports, with Great Wall Motors' CKD export proportion at 47% and BYD's CKD export proportion at 9%. Transitioning from complete vehicle exports to CKD exports and the construction of overseas localization production systems, companies like Great Wall Motors and BYD have performed excellently 4) Automotive Companies: In September, the overall trend of new energy passenger vehicle companies was relatively strong, with BYD's pure electric and plug-in hybrid dual-drive solidifying the leading position of domestic brands in new energy; narrow plug-in hybrids represented by BYD, Geely, and Chery continued to perform strongly.

In terms of product launches, as domestic automakers implemented a "multi-line parallel" strategy on the new energy route, the market base continued to expand, with 20 manufacturers achieving monthly wholesale sales of over 10,000 units (year-on-year unchanged, down by 1 compared to the previous month), accounting for 92.6% of the total new energy passenger vehicles (last month 93.5%, same period last year 91.9%). Among them, BYD (393,060 units), Geely (165,201 units), Tesla China (90,812 units), Changan (90,072 units), SAIC-GM-Wuling (88,781 units), Chery (85,379 units), Leapmotor (66,657 units), Great Wall (45,878 units), Xiaomi Auto (41,948 units), XPeng (41,581 units), Dongfeng (41,573 units), Seres (41,271 units), SAIC Passenger Cars (41,201 units), Nio (34,572 units), Li Auto (33,951 units), GAC Aion (27,297 units), FAW Hongqi (17,107 units), FAW Bestune (16,214 units), ZEEKR (16,016 units), IM Motors (11,088 units).

The domestic new energy passenger vehicle brands that exceeded 20,000 units in retail sales are: BYD (347,353 units), Geely (150,570 units), Changan (84,237 units), SAIC-GM-Wuling (78,434 units), Tesla China (71,525 units), Leapmotor (59,769 units), Chery (53,438 units), Hongmeng Zhixing (52,916 units), Great Wall (42,243 units), Xiaomi Auto (41,948 units), Dongfeng (36,661 units), XPeng (36,577 units), Nio (34,572 units), Li Auto (33,951 units), GAC Aion (26,019 units). The new energy performance of mainstream domestic automakers is increasingly strong, with BYD, Geely, Changan, and Chery performing well in domestic new energy retail.

5) New Forces: In September, the retail share of new forces was 20.2%, an increase of 3.4 percentage points year-on-year. The proportion of pure electric sales among new force models was 70.3%, a significant increase from 49.9% in the same period; the sales proportion of pure electric vehicles in the 100,000 to 150,000 yuan range saw substantial growth. Independent new energy brands from traditional automakers, as the second generation, performed strongly with a share of 12.5%, an increase of 1.2 percentage points year-on-year. New energy brands from large independent groups such as Deep Blue, Yipai Technology, ZEEKR, Zhiqi, and Voyah performed excellently.

6) Regular Hybrids: In September, wholesale of regular hybrid passenger vehicles was 82,000 units, a year-on-year decrease of 7%, but an increase of 18% compared to the previous month. Among them, GAC Toyota (38,579 units), FAW Toyota (31,308 units), Changan Ford (5,041 units), Dongfeng Honda (3,002 units), GAC Honda (2,398 units), Dongfeng (1,458 units), Geely (257 units), GAC Trumpchi (236 units), Jiangsu Yueda Kia (39 vehicles), Changan Mazda (32 vehicles). The ordinary hybrid market is relatively stable